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Real HYIP Expert Says ‘Notion Of Secrecy’ In Commercial Fraud Meant To Discourage Reports To Law Enforcement; James Byrne Consulted With Government Before P2P Ponzi Case Was Filed

EDITOR’S NOTE: Here is the declaration of James E. Byrne, an expert with whom the government consulted in the Nicholas Smirnow/Pathway To Prosperity Ponzi scheme case. It is a remarkable read — one that provides a free education from an expert who has consulted with the FBI and Scotland Yard, among other prominent law-enforcement organizations.…

Jun 1, 2010
BULLETIN: United States Seeks To Extradite Pathway To Prosperity’s Nick Smirnow From Philippines

The U.S. government “shortly” will request the government of the Philippines to extradite accused HYIP Ponzi schemer Nicholas Smirnow to the United States to face charges of mail fraud (three counts), wire fraud (four counts), securities fraud (one count) and conspiracy to commit mail fraud, wire fraud, securities fraud and money laundering, federal prosecutors said.…

Jun 1, 2010
Wayne McLeod Becomes Subject Of FBI Probe; Agency Asks Victims, Witnesses To Come Forward

EDITOR’S NOTE: This story originally was published June 30. The PP Blog later encountered a database problem, which caused the site to go down and resulted in the temporary loss of some data. The data now has been retrieved. The FBI in Jacksonville has opened a probe into Kenneth “Wayne” McLeod, the Florida man who…

Jun 1, 2010
KABOOM! Affidavit In Pathway To Prosperity Case Paints Picture Of Wanton Criminality; Complaint References TalkGold, ASAMonitor, MoneyMakerGroup Posts; United States Throws Down Gauntlet

Federal prosecutors serving under U.S. Attorney A. Courtney Cox of the Southern District of Illinois have thrown down the gauntlet, declaring that “[a] large percentage, if not all, HYIPs, are Ponzi schemes.” In a criminal complaint and accompanying affidavit that only can be described as remarkable, prosecutors and the U.S. Postal Inspection Service said the…

May 31, 2010
OBTAINED: Feds’ Affidavit In Nick Smirnow/P2P Case; Full Story To Follow

The PP Blog has obtained an affidavit filed by the U.S. Postal Inspection Service in the Nicholas A. Smirnow/Pathway To Prosperity (P2P) case. Smirnow was charged criminally Friday with operating an international Ponzi scheme that fleeced more than 40,000 investors. Smirnow, according to investigators, has: A. A 2002 conviction for the crime of breaking and…

May 31, 2010
REQUIEM FOR THE FORUM PIMPS? Court Documents In Legisi Case Reference Secret Service, MoneyMakerGroup Ponzi Forum; SEC Has Postings From Legisi’s ‘Private’ Forum, Too

HYIP or autosurf Ponzi promoter? Player? Forum “expert?” Moderator? Cheerleader? Get ready for a surprise: Your downline perhaps already has identified you as a pimp or even one of the masterminds. If your plan is to continue to promote the programs on the Ponzi forums and though emails, you should know that things could be…

May 31, 2010
Nicholas A. Smirnow, Pathway To Prosperity (P2P) Operator, A ‘Convicted Burglar, Robber And Drug Dealer’ Who Fleeced At Least 40,000 People In International Ponzi Scheme

Here is how Pathway To Prosperity (P2P), operated by Nicholas A. Smirnow, was described by members of the indefatigable, Ponzi-pushing ASA Monitor forum in 2007: “Just talked with Nick today on the phone,” one member said. “I always enjoy talking with him — honest and straightforward.” “This one is a WINNER,” another crowed. “People, you…

May 29, 2010
Narc That Car’s ‘F’ Rating Remains Intact As BBB Closes Inquiry; Firm ‘Failed To Provide Specific Information’ To Allay Pyramid Concerns

Narc That Car, also known as Crowd Sourcing International, did not provide the Better Business Bureau “specific information which would eliminate the BBB’s suspicion of the existence of a pyramid promotional scheme,” the BBB reports on its website. The BBB has closed its inquiry into Narc, leaving the company’s “F” rating intact and saying Narc…

May 28, 2010
UPDATE: Web References, Images Linked To Investing Raise New Questions About PPE-Life; Records Suggest Recruitment Bids Started In January And That Promoters Referenced Warren Buffet

While securities regulators in South Carolina say a murky business known as PPE-Life recently has been holding recruitment meetings in the state, web records suggest that online recruitment efforts actually got under way months ago in anticipation of the company’s launch. Efforts to promote PPE appear to have begun in January, at least three months…

May 27, 2010
FBI, SEC Nab Pair Using Gmail To Run Insider-Trading Scam; Undercover Agents Responded To Offer To Sell Disney Earnings Report

So, you want to use Google’s free Gmail service to pull off a scam? From this day forward you should not be confident that you’re not already caught.Â The FBI today announced that it set up a sting to nail two people who were trying to sell the quarterly earnings report of Walt Disney Co. before…

May 26, 2010
ONLINE PONZI FORUM BOMBSHELL: Matt Gagnon A ‘Danger To The Investing Public,’ SEC Says; Federal Judge Freezes Assets Of Mazu.com Pitchman Who Promoted Legisi, Other Alleged Scams

Ponzi forum operator or moderator? Online HYIP aficionado? Think you’re safe pitching fraud schemes because you’re “only” a promoter or forum “expert” and not the operator of the programs? Have a secret partnership deal with an HYIP fraudster? Using fancy, professional-sounding terms such as “due diligence” in your forum posts? Claiming you’ve done thorough research…

May 26, 2010